FDx Advisors Inc. purchased a new stake in Nucor Co. (NYSE:NUE – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,984 shares of the basic materials company’s stock, valued at approximately $261,000.
Other hedge funds also recently made changes to their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of Nucor in the 1st quarter valued at $32,000. MinichMacGregor Wealth Management LLC acquired a new stake in shares of Nucor during the 4th quarter worth about $32,000. Accurate Wealth Management LLC acquired a new stake in shares of Nucor during the 4th quarter worth about $39,000. Fiduciary Alliance LLC acquired a new stake in shares of Nucor during the 4th quarter worth about $36,000. Finally, Guardian Wealth Advisors LLC acquired a new stake in shares of Nucor during the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 78.33% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Nucor in a research report on Tuesday. They set an “underweight” rating and a $130.00 target price for the company. StockNews.com initiated coverage on shares of Nucor in a research report on Thursday, May 18th. They set a “hold” rating for the company. The Goldman Sachs Group raised their price objective on shares of Nucor from $144.00 to $161.00 and gave the company a “neutral” rating in a research report on Friday, March 10th. Morgan Stanley raised their price objective on shares of Nucor from $113.00 to $122.00 and gave the company an “equal weight” rating in a research report on Monday, January 30th. Finally, BMO Capital Markets raised their price objective on shares of Nucor from $155.00 to $165.00 and gave the company a “market perform” rating in a research report on Friday, January 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $148.88.
Nucor Stock Down 2.6 %
Nucor (NYSE:NUE – Get Rating) last issued its earnings results on Thursday, April 20th. The basic materials company reported $4.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.64. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.87 billion. Nucor had a net margin of 16.73% and a return on equity of 34.91%. The company’s revenue for the quarter was down 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $7.67 EPS. Equities analysts expect that Nucor Co. will post 16.99 EPS for the current year.
Nucor declared that its board has authorized a stock repurchase program on Thursday, May 11th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 11.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
About Nucor
Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment consists of carbon and alloy steel in sheet, bars, structural and plate, steel trading businesses, rebar distribution businesses, and Nucor’s equity method investments.
See Also
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